DeFi protocol GNS booms, will its rally be sustained?
- Gains Network’s TVL more than doubled since the beginning of 2022.
- At the time of writing, GNS shot up by almost 40%.
Gains Network [GNS] was having a dream run at the crypto market, and now optimists have one more reason to cheer. The protocol’s native token, GNS, was all set to be listed on the world’s largest crypto currency exchange, Binance.
Binance will list Gains Network (GNS) in the Innovation Zone and will open trading for these spot trading pairs at 2023-02-17 11:30 (UTC). Gains Network is a decentralized leverage trading platform. https://t.co/t81zfWS8o8
— Wu Blockchain (@WuBlockchain) February 17, 2023
How much are 1,10,100 GNS worth today?
Reportedly, Binance would list the token in the innovation zone, where users could trade new tokens that were likely to have higher volatility. GNS holders reacted euphorically to the news as the price zoomed almost 40% at the time of writing, data from CoinMarketCap showed.
A story of increasing ‘Gains’
Gains Network, built on Polygon [MATIC] and Arbitrum, was launched in 2021. A perpetual-focused protocol similar to that of dYdx and GMX, Gains Network’s key performance indicators surged handsomely over the past few months.
According to data from Token Terminal, the protocol’s user fees expanded by almost 280% over the last 30 days while the revenue grew by over four times in the same period. High user fees have historically attracted liquidity providers towards a DeFi protocol. On the other hand, an increase in GNS holders’ revenue would boost the demand for the token in the short run.
In fact, the exponential growth in trading fees has pushed Gains Network to the sixth position in the list of top 10 decentralized exchanges, alongside established market players. The DeFi protocol clocked the best month-over-month (MoM) growth when compared to other exchanges which were above it on the list.
TVL shows impressive growth
The total volume locked (TVL) on the protocol’s smart contracts, considered as the best measure to gauge a DeFi protocol’s health, narrated a successful story as well. The value has jumped to more than $48 million at press time from $19 million at the beginning of 2022, a gain of more than 150%, as per DeFiLlama.
Is your portfolio green? Check out the GNS Profit Calculator
At the time of writing, the weighted sentiment for GNS was positive, indicating a good response from the investors. The social buzz has also picked up in the last couple of days.
The price of GNS has jumped from a little over $3 to $11 at press time, recording an astonishing jump of 230% in the last 30 days. While it remained a smaller player in the DEX landscape, the press time momentum could propel it to new heights.